Possible Bottom With 5 Up

IF the bottom is in, this is a possible scenario, first targeting the red area then the green, prior to a deep correction. Following this, and maintaining the last low, would give credence to the $5-24 target....expecting $14 over time.

The alt is, this 5 up was part of a 4th wave Expanded Flat, requiring one more low before making a lasting bottom. The reason I think this is unlikely is, BTCUSDSHORTS are nearing an extreme level...most are short.

Comment:

We have hit the 61.8% level in BTC with what appears to be 3 waves down. Anything short of a strong move up in wave (3) would bring into question the immediate (1)/(2) outlook….but still expecting a bottom.

Comment:

It appears the bottom is most likely in. This move up is definitely acting like the 3rd wave that was expected....the beginning of it at least. Another indication (contrarian of course) is that BTCUSDSHORTS are still moving up to near all-time highs and the bears are all-in short, taking some serious heat. For confirmation of an interim top (wave 1 circle), I would expect this number to be the opposite, at an extreme low, just when they should be short. This also follows Elliott and market sentiment at extremes.

Comment:

The timeline is now totally off on these short-term charts. My BTC chart can also apply here. I still stand by my longer term charts on alt coins. Getting this bottom is difficult....but since cryptos move logarithmically, it doesn't really matter that much. This is the time to be in.

My post below could end up being what happens in XVG/TRX…still nearing a bottom or the bottom is in place.

Comment:

It's possible that BTC will make a new low in the possible Ending Diagonal yet XVG and TRX have already seen their last low and an Ending Diagonal is playing out in wave C of (2).